引入加密项目生命周期路线图

本文探讨了如何通过建立社区并给他们留下来的理由来保留令牌持有人。

Written by Saurabh Deshpande

由Saurabh Deshpande撰写

Compiled by: Luffy, Foresight News

编译者：Luffy，预见新闻

I recently used stablecoin supply as a measure of liquidity, combining it with the number of tokens in the market, to try and figure out the liquidity of each asset. As expected, we saw liquidity converging to zero, and the chart we get from this analysis is a piece of art.

我最近使用Stablecoin供应作为一种衡量流动性的量度，将其与市场上的代币数量相结合，并试图找出每种资产的流动性。正如预期的那样，我们看到流动性趋于零，而我们从该分析中获得的图表是一件艺术品。

Each cryptocurrency will enjoy roughly $1.8 million in stablecoin liquidity by March 2021, but this will reduce to $5,500 by March 2025.

到2021年3月，每种加密货币将享有大约180万美元的Stablecoin流动性，但到2025年3月，这将减少到5,500美元。

As a project, you have to compete with 40 million other tokens for the attention of users and investors. Three years ago, there were only 5 million. So how do you keep token holders interested? You can try to build a community, let members say “GM” on Discord, and do some airdrop activity.

作为一个项目，您必须与其他4000万个代币竞争用户和投资者的注意。三年前，只有500万。那么，您如何使代币持有人感兴趣？您可以尝试建立一个社区，让会员在不和谐上说“ GM”，并进行一些空投活动。

But then what? Once they get the tokens, they move on to the next Discord group and say “GM.”

但是那呢？一旦获得令牌，他们就会继续进入下一个不和谐小组，并说“ GM”。

Community members won’t stay without a reason, you need to give them something to stay for. In my opinion, a high-quality product with actual cash flow is the reason, or it makes the project data look good.

社区成员不会没有理由留下来，您需要给他们一些东西。我认为，具有实际现金流量的高质量产品是原因，或者它使项目数据看起来不错。

Russ Hanneman syndrome

拉斯·汉曼综合症

In the American TV series Silicon Valley, Russ Hanneman once boasted that he would become a billionaire by “moving radio to the Internet.” In the field of crypto, everyone wants to be Russ, chasing overnight wealth, but does not care about business fundamentals, building moats, and obtaining sustainable income, which are “boring” but practical issues.

在美国电视连续剧《硅谷》中，拉斯·汉尼曼（Russ Hanneman）曾经夸口说，他将通过“将广播移到互联网”而成为一名亿万富翁。在加密货币领域，每个人都希望成为Russ，追逐一夜之间的财富，但并不关心业务基础，建造护城河并获得可持续收入，这些收入是“无聊”但实际问题的。

Joel’s recent articles, “Death to Stagnation” and “Make Revenue Great Again,” highlight the urgent need for crypto projects to focus on sustainable value creation. Much like the memorable scene in the show where Russ Hanneman dismisses Richard Hendricks’ concerns about building a sustainable revenue model, many crypto projects also rely on speculative narratives and investor enthusiasm. Now it seems clear that this strategy is unsustainable.

乔尔（Joel）最近的文章“停滞死亡”和“再次使收入很大”强调了加密项目迫切需要专注于可持续价值创造。就像在节目中令人难忘的场景一样，拉斯·汉尼曼（Russ Hanneman）驳斥了理查德·亨德里克斯（Richard Hendricks）对建立可持续收入模式的担忧，许多加密项目也依赖于投机性叙述和投资者的热情。现在看来，这种策略是不可持续的。

But unlike Russ, founders can’t just shout “Tres Comas” (Russ’s phrase for showing off his wealth in the show) to make the project successful. Most projects need sustainable income, and to achieve this, we first need to understand how the current projects with income do it.

但是与Russ不同，创始人不能仅仅大喊“ Tres Comas”（Russ在演出中炫耀他的财富的短语），以使该项目成功。大多数项目都需要可持续收入，为了实现这一目标，我们首先需要了解当前的收入项目是如何做到的。

In traditional markets, regulators maintain liquidity of tradable stocks by setting high thresholds for listed companies. There are 359 million companies in the world, but only about 55,000 are publicly listed, accounting for about 0.01%. The advantage of this is that most of the available funds are concentrated in a limited range. But it also means that investors have fewer opportunities to bet on companies early and chase high returns.

在传统市场中，监管机构通过为上市公司设定高门槛来维持可交易股票的流动性。全球有3.59亿公司，但仅公开列出了约55,000家公司，约为0.01％。这样做的优点是，大多数可用资金都集中在有限的范围内。但这也意味着投资者的机会很少，早日押注公司并追逐高回报。

Dispersion of attention and liquidity is the price to pay for all tokens to be easily and publicly traded. I am not here to judge which model is better, I am simply showing the difference between the two worlds.

注意力和流动性的分散是为了让所有令牌容易和公开交易的代价。我不是在这里判断哪种模型更好，我只是在展示两个世界之间的区别。

The question is, how do you stand out in a seemingly endless sea of tokens? One way is to show that there is demand for the project you are building and to allow token holders to participate in the growth of the project. Don’t get me wrong, not every project has to be equally obsessed with maximizing revenue and profits.

问题是，您如何在看似无尽的代币海中脱颖而出？一种方法是表明您对您要构建的项目有需求，并允许代币持有人参与项目的增长。不要误会我的意思，并非每个项目都必须同样痴迷于最大化收入和利润。

Revenue is not an end, but a means to achieve long-term vitality.

收入不是目的，而是实现长期活力的一种手段。

For example, an L1 that hosts enough applications only needs to earn enough fees to offset token inflation. Ethereum’s validator yield is about 3.5%, which means that its token supply will increase by 3.5% each year. Any holder who stakes ETH to earn returns will have their tokens diluted. But if Ethereum destroys the same amount of tokens through a fee burning mechanism, then the ETH of ordinary holders will not be diluted.

例如，托管足够应用程序的L1只需要赚取足够的费用即可抵消令牌通货膨胀。以太坊的验证者收益率约为3.5％，这意味着其令牌供应每年将增加3.5％。任何持有ETH赚取回报的持有人都将稀释其令牌。但是，如果以太坊通过燃烧费用的机制摧毁了相同数量的令牌，那么普通持有人的ETH将不会被稀释。

As a project, Ethereum does not need to be profitable because it already has a thriving ecosystem. As long as validators can earn enough to keep the nodes running, Ethereum can do without additional income. But this is not the case for projects with a token circulation rate (the percentage of circulating tokens) of around 20%. These projects are more like traditional companies and it may take time to reach a state where there are enough volunteers to keep the project running.

作为一个项目，以太坊不需要有利可图，因为它已经具有繁荣的生态系统。只要验证者能够赚取足够的收入来保持节点的运行，以太坊就可以在没有额外收入的情况下完成。但对于具有令牌循环率（流通代币的百分比）的项目而言，情况并非如此。这些项目更像是传统公司，可能需要花费一些时间才能达到足够的志愿者来保持项目运行的状态。

Founders must face the reality that Russ Hanneman ignored. Generating real, sustained revenue is essential. It should be noted that in this article, whenever I mention “revenue,” I actually mean free cash flow (FCF), because for most crypto projects, the data behind revenue is difficult to obtain.

创始人必须面对拉斯·汉尼曼（Russ Hanneman）忽略的现实。产生真正的持续收入至关重要。应该指出的是，在本文中，每当我提到“收入”时，我实际上是指自由现金流（FCF），因为对于大多数加密项目，收入的数据很难获得。

Understanding how to allocate FCF, such as when to reinvest it for growth, when to share it with token holders, and the best way to allocate it (such as buybacks or dividends), can easily make the difference between success and failure for founders aiming to create lasting value.

了解如何分配FCF，例如何时将其重新投资以增长，何时与令牌持有人共享它，以及分配它的最佳方法（例如回购或股息），可以轻松地使旨在创造持久价值的创始人之间的成功和失败之间的差异。

Equity market reference is helpful in making these decisions effectively. Traditional companies often distribute FCF through dividends and buybacks. Factors such as company

股票市场参考有助于有效做出这些决策。传统公司经常通过股息和回购分发FCF。诸如公司之类的因素